Technical Pulse: SBS Transit Limited April 19, 2017 129

SBS Transit Ltd  – Daily timeframe


Current Sentiment: Bearish

Support 1: 2.65                     Resistance 1: 2.80

Support 2: 2.60                     Resistance 2: 2.85

Price has been rising steadily in a strong uptrend since January 2017 without any significant correction. However, some exhaustion are appearing as price retests the July 2016 high of 2.80 resistance area.

Price briefly tested the 2.80 resistance area on 18/04/17 but was once again rejected off it, resulting in the formation of a shooting star with increasing volume.

With the current bearish price action, expect price to enter into a period of correction next where price heads lower to test the 2.65 support area followed by 2.60.

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About the author

Profile photo of Jeremy Ng

Jeremy Ng
Research Analyst
Phillip Securities Research Pte Ltd

Jeremy specialises in Technical Analysis and has 10 years of experience in studying price action. His areas of expertise include intermarket analysis on the equities, currencies, commodities and bonds market.

He is also a regular columnist on The Business Times - every Monday ChartPoint column.

He graduated with a Bachelor of Science in Banking and Finance from University of London.

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